Local Businesses Pledge $50 Million In Sponsorships If Kings Stay

SACRAMENTO (CBS13) – Tuesday night’s Sacramento city council vote was crucial to keeping the kings, but Wednesday Mayor Kevin Johnson made it clear the fight isn’t over yet.

“It was a great vote for the city of Sacramento, but we do not want to rest on our laurels,” said Mayor Johnson.

Johnson insisted the fight is not over — far from it. Today he made another announcement: more money in the form of $50 million in corporate sponsorships would be offered to the team if it stays.

“To be able to say that to NBA owners, they know that our corporate community is tried and true,” said Johnson.

With some of the most wealthy business owners in our area standing behind him, Johnson says the sponsorships would provide the team’s proposed new owners $10 million dollars a year for five years. Doing so would hopefully prove to the NBA that Sacramento will support the team for some time come.

“We love this community, and we’re involved in this community,” Local developer Phil Oates said.

Local developer Phil Oates has pledged $1 million. He calls it a mix of both a donation and an investment.

“It is business, it is that we are looking to share in the profit, but are we looking for a monthly return in our investment? No,” said Oates.

Meanwhile, the man that wants to buy the team and move them to Seattle is making a move to try to get a portion of the Kings.

Bankruptcy court records filed Wednesday show that Chris Hansen has reached a purchase agreement to buy Kings minority owner Bob Cook’s 7 percent share of the team for $15.1 million.

Although, there is still an opportunity for current minority owners to match the offer, and CBS13 has learned that there will be an effort to match by one or more of them.